Experts forecast 2019 will be a year of stabilization for Turkey’s automotive sector

The automotive sector which is one of the most important locomotives of the Turkish economy sees 2019 as the year of stabilization before the industry gets on the right track again. The experts forecast when the market comes to the level of 450-500 thousand vehicles this would mean a balancing for the sector.

It is often commented that the automotive sector is a reflection of Turkey’s economy, in particular – together with the construction industry. Thus, expanding and shrinking trends in the automotive sector have always been reflections of the developments in the economy.

Thanks to an economy that had a positive look of three months in the first quarter of current year, the sector enjoyed an increase of 2.17 percent. However, due to the volatility and increase in the exchange rates and interest rates, contractions of 20 percent in the second quarter and 51 percent in the third quarter occurred. Experts expect this outlook to continue the next year as well. Still, as mentioned in the New Economic Program (NEP/YEP) 2019 is expected to be a year in which Turkey’s economy will come to a balance. The automotive sector will go through the same course, obviously.